MTN Group, Africas largest telecom operator, is not in active discussions to acquire South African rival Telkom SA, Chief Executive Officer Ralph Mupita said Friday, quashing speculation of a revived takeover.
There are no talks with advisers between ourselves and Telkom. We did discuss this at some time in the past, but there are no active discussions, the Zimbabwean-born executive told reporters. Mupita added, however, that he could not completely rule out future engagement.
The remarks came a day after reports suggested MTN was reconsidering a takeover bid for Telkom, which owns South Africas biggest fiber network. Telkom shares surged 13 percent on Thursday on the news, before paring gains and closing 8 percent lower Friday.